North American Construction Group Ltd. (NYSE:NOA) Sees Significant Drop in Short Interest

by · The Markets Daily

North American Construction Group Ltd. (NYSE:NOA – Get Free Report) (TSE:NOA) saw a large drop in short interest during the month of June. As of June 15th, there was short interest totaling 194,043 shares, a drop of 55.1% from the May 31st total of 432,115 shares. Based on an average daily trading volume, of 170,817 shares, the short-interest ratio is presently 1.1 days. Approximately 0.8% of the shares of the company are short sold.

Institutional Investors Weigh In On North American Construction Group

Several large investors have recently made changes to their positions in the company. Intact Investment Management Inc. boosted its position in shares of North American Construction Group by 368.0% during the fourth quarter. Intact Investment Management Inc. now owns 117,000 shares of the oil and gas company’s stock worth $1,684,000 after buying an additional 92,000 shares during the period. NewGen Asset Management Ltd bought a new stake in North American Construction Group during the 3rd quarter valued at $4,719,000. Bastion Asset Management Inc. acquired a new position in North American Construction Group during the 4th quarter worth $8,475,000. CIBC Asset Management Inc grew its stake in shares of North American Construction Group by 22.3% in the fourth quarter. CIBC Asset Management Inc now owns 1,442,155 shares of the oil and gas company’s stock worth $20,812,000 after purchasing an additional 262,673 shares in the last quarter. Finally, Aegis Financial Corp grew its stake in shares of North American Construction Group by 23.3% in the fourth quarter. Aegis Financial Corp now owns 1,038,177 shares of the oil and gas company’s stock worth $14,967,000 after purchasing an additional 196,243 shares in the last quarter. Institutional investors and hedge funds own 74.99% of the company’s stock.

North American Construction Group Stock Performance

Shares of NYSE NOA traded down $0.10 during mid-day trading on Tuesday, hitting $13.29. The company had a trading volume of 46,179 shares, compared to its average volume of 122,752. North American Construction Group has a 12 month low of $12.07 and a 12 month high of $17.26. The stock has a market cap of $371.99 million, a price-to-earnings ratio of 16.83 and a beta of 1.07. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.11 and a quick ratio of 0.90. The firm’s 50 day simple moving average is $14.11 and its two-hundred day simple moving average is $14.61.

North American Construction Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 3rd. Investors of record on Wednesday, June 3rd will be given a $0.12 dividend. The ex-dividend date is Wednesday, June 3rd. This represents a $0.48 annualized dividend and a yield of 3.6%. North American Construction Group’s dividend payout ratio (DPR) is currently 44.30%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on NOA. ATB Cormark Capital Markets downgraded North American Construction Group from a “moderate buy” rating to a “hold” rating in a report on Tuesday, April 28th. Canaccord Genuity Group upgraded North American Construction Group from a “hold” rating to a “buy” rating in a research note on Friday, March 13th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of North American Construction Group in a report on Tuesday, June 9th. Zacks Research lowered shares of North American Construction Group from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 9th. Finally, Roth Mkm restated a “buy” rating and issued a $27.50 price target on shares of North American Construction Group in a research report on Friday, May 15th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $25.75.

Read Our Latest Stock Analysis on NOA

North American Construction Group Company Profile

(Get Free Report)

North American Construction Group Ltd (NYSE: NOA) is a Canadian industrial company headquartered in Edmonton, Alberta, that specializes in providing integrated heavy construction equipment solutions. Through its two core segments—Sales and Rentals—the company offers a comprehensive portfolio of new and used off-highway trucks, wheel loaders, hydraulic excavators, dozers and motor graders, along with aftermarket parts and maintenance services.

In its Sales division, North American Construction Group partners with leading global equipment manufacturers to distribute and support a broad range of heavy machinery across multiple industries.

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